Business

Profits slip at Co Tyrone agri-food firm Skea Eggs

Despite a rise in turnover, pre-tax profits slipped at Skea Eggs last year

CO Tyrone agri-food firm Skea Eggs saw its profits fall 13 per cent last year, new accounts show.

The Donaghmore firm, which supplies the bulk of eggs sold by Marks and Spencer, saw its turnover rise 2.5 per cent to £68.4 million during the 12 months to December 31 2018.

However pre-tax profits slipped from £3.17m to £2.76m, largely as a result of rising costs.

In a new report, the directors of Skea Eggs said “The company will continue to seek new sales opportunities in the coming year, although the egg market and the retail environment is changing and the company expects sales revenues and margins to be subdued in the coming year.”

Skea Eggs' workforce stood at 138 at the end of 2018, with staff costs of just over £2.8m.

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